Financing in 94720>Question Details

garob21, Home Buyer in 94720

Jumbo Loan - three tradeline rule?

Asked by garob21, 94720 Sat Aug 25, 2012

I'm a first time buyer shopping in an expensive area. We are shopping for a jumbo loan. We have great credit scores (both have middle scores 790 ), 20-25% down payment, and sufficient income (the max house price we're considering would be <20% of gross monthly income).

I'm concerned about being caught up in the jumbo rules for number of tradelines that have been described to me. We haven't needed much credit. I only have one (a credit card for many years), and my wife only has two (a main credit card and one that is never used). Is three tradelines enough for a couple, or is the rule three each? Are these hard and fast rules? Will this make finding a jumbo difficult?

Any advice is welcome. This will be frustrating if we meet all of the income rules but run into trouble because we don't have many loans or credit lines.

Many thanks.

0 votes Share Flag Financing in 94720

Help the community by answering this question:


It's true that ther may be some variability between lenders, but you will want to discuss this with a lender who handles a wide range of loan products. I would recommend you talk to a senior representative with a reputable mortgage banking company (different from a mortgage broker), in that they represent many of the major companies and can also make loans from their own funds.

I'm a realtor, not a lender, so I don't do loans, but if you would like a reference to a couple of great lenders that work in your specific area, you are welcome to email me or call. Just FYI, I don't receive referrral fees from lenders, so I only refer to lenders that have demonstrated superior customer service skills and programs.
Web Reference:
0 votes Thank Flag Link Mon Aug 27, 2012

I can help you. Jumbo financing niche type of lending...Not all lenders have the same guidelines or competitive pricing. It sounds like you understand some of the guidelines...however, to properly advice you, a full application is necessary.

My contact info is below.


Ivan Diaz
Home Mortgage Consultant
(415) 271-7740 direct/cell
0 votes Thank Flag Link Mon Aug 27, 2012
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